TTI Capital + Viking Cos have acquired Verso Luxury Apartments, a 250-unit apartment community located in Davenport, FL from The Garrett Cos. + Phoenix Capital Holdings for $57.8 million.
Acquisition Financing: The buyers secured a $41.75 million from Asia Capital Real Estate (ACRE) to close the deal. The non-recourse loan carries a term of two years.
Asset details: Built in 2020, the apartments are located at 6100 Echelon Way. Amenities include an expansive clubhouse, resort-style swimming pool, fitness center, outdoor kitchen with grill area, parcel lockers, spa, and a pet park.
Why it maters: The transaction is TTI Capital’s first deal in Florida, and continues to demonstrate heightened interest in residential investment opportunities throughout the Orlando MSA, given the area’s strengthening market fundamentals.
Brokers: Berkadia’s Matt Wilcox, Brett Moss, and Tyler Swidler represented the sellers, while the firm’s Jason Brown and Austin Katai arranged the financing.
Heard on the Street: Berkadia’s Brett Moss “Davenport’s burgeoning local logistics presence and emerging medical critical mass have proven to drive resiliency throughout Davenport / ChampionsGate, especially relative to some of Central Florida’s harder hit industries since the onset of the COVID-19 pandemic. Additionally, Verso’s highly differentiated ‘big house’ product drove one of the most impressive lease-up stories of any community in Central Florida since the onset of the pandemic.” [PR]